Got our first IP

[Hoolign]

Hi all, finally after plenty of time for settling, and processing times with banks me and my partner finally landed our first IP
a nice little 3/1/1 in loganlea near brisbane. purchased for $270,000 (was listed for offers over 270,000). and after just 3 weeks we have tenants in place for 12 months lease paying $300 a week

Thank everyone for all of your information so far it has helped tremendously.

also my PPOR has jumped from $320,000 3 years ago to $414,000 in Varsity Lakes on the Gold coast, so its all going well so far.

Now its time to look for IP #2, already saved 50% of enough money for another deposit for places in the 200 - 300k bracket.


But im thinking of buying interstate, either NSW or VIC, few suburbs ive been interested in. VIC seems to have some nice yield and capital in many suburbs on the outers of melbourne.

 

[Chris.R_WA]

Congrats Hoolign, that's a good solid yield on the new IP !!

Keep it up

Chris

 

[Rixter]

Hi all, finally after plenty of time for settling, and processing times with banks me and my partner finally landed our first IP
a nice little 3/1/1 in loganlea near brisbane. purchased for $270,000 (was listed for offers over 270,000). and after just 3 weeks we have tenants in place for 12 months lease paying $300 a week



Now its time to look for IP #2, already saved 50% of enough money for another deposit for places in the 200 - 300k bracket.

Congrats Hoolign, hope theres many more to come for you.

Just one query tho - why are you saving for a deposit or do you mean 50% equity accumulated for next IP deposit?

 

[Propertunity]

But im thinking of buying interstate, either NSW or VIC, few suburbs ive been interested in. VIC seems to have some nice yield and capital in many suburbs on the outers of melbourne.

Good idea. MEL or SYD would both be good IMO.

 

[Hoolign]

Congrats Hoolign, hope theres many more to come for you.

Just one query tho - why are you saving for a deposit or do you mean 50% equity accumulated for next IP deposit?

My new property has no equity at the moment and my PPOR is owned by myself and a close friend. borrowing equity gets a bit messy there,,, so i have just saved the deposit for the next one. with tax refund and a good saving stream i should have another deposit ready in a couple of months. hopefully ill be able to build some equity on my IP aswell for my next IP after that

 

[mystery]

Great news Hoolign. The first of many by the sounds of it. Well done.

Martin

 

[joanmc]

congrats hooligan. keep 'em coming!

 

[HandyAndy888]

Well done, that sounds like a good price for the area....

 

[Alex P Keaton]

onya

 

[Modal Harmony]

Well done on the IP purchase. Are you able to buy out the remainder of PPOR from your friend?

This will make things a little easier I think for future investing, especially if your friend does not share the same vision as you for IP's.

 

[Hoolign]

unfortunately i cant buy him out he wants to hold his half, which im more than happy with.

i think we will be turning this into a IP in the next 12 months though. our repayments will be around $290 p/w IO loan and rents currently at $410 (20 units in our complex, 3/4 are rented and this is the average rental rate)